Late March Ontario and Quebec ice storm to cost insurers C$416 million, says CatIQ

By Chris Munro

July 2 - (The Insurer) - The ice storm that affected Ontario and Quebec between March 28 and 31, 2025 is now estimated to have cost insurers C$416 million ($306 million), according to the latest data from Perils-owned CatIQ.

It is the third of four estimates for the event issued by CatIQ and represents an increase of C$14 million from the C$402 million prediction it announced on May 15.

“The loss number covers property (both commercial and residential) and vehicle (motor) claims including additional loss adjustment expenses,” said CatIQ.

“This 90-day estimate shows continued growth in personal lines, while commercial and motor trends appear to have stabilized,” the risk modeler added.

CatIQ director Caroline Floyd noted that increases in claims numbers tend to slow around the 90-day mark.

However, in this case, the continued increase in personal claims is not surprising since the most significant damage occurred in an area with many cottage or holiday properties that only recently reopened for the summer season, she said.

CatIQ’s initial loss estimate for the storm was C$342 million. It released that figure on April 30.

CatIQ will announce its fourth and final loss estimate on September 30, precisely six months after the event concluded.

As CatIQ explained, the losses arose in the wake of a prolonged period of wintry precipitation hitting southern Ontario and Quebec in late March.

Locations near the Kawartha Lakes recorded as many as 35 hours of freezing rain and ice accretion of up to 25 mm.

“The accumulated ice put significant strain on power lines, trees, and other surfaces, causing extensive damage and leaving hundreds of thousands of customers without power. Power disruptions persisted for weeks in the hardest-hit areas,” said CatIQ.